An Australian gold miner – for global investorsWA Mining Club - May 2018

Disclaimer

Competent Persons Statements

The information in this announcement that relates to exploration results, data quality, geological interpretations and Mineral Resource estimations for the Company’s Project areas is based on information compiled by Darren Cooke, a Competent Person who is a Member of the Australian

Institute of Geoscientists and a full-time employee of Northern Star Resources Limited. Mr Cooke has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in

the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" for the Company’s Project areas. Mr Cooke consents to the inclusion in this announcement of the matters based on this information in the form and context in which it

appears.

The information in this announcement that relates to Ore Reserve estimations for the Company’s Project areas is based on information compiled by Jeff Brown, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Northern Star

Resources Limited. Mr Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves". Mr Brown consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Forward Looking Statements

Northern Star Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this

announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any

other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may

contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying

assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative,

fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

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The importance of the Gold mining industry to Australia & WA

Australia is the world’s second largest gold

producer behind China, producing 9.7Moz

in 2017; accounting for 10% of global

production

WA produces 70% of the nations output,

followed by NSW 13% and QLD 5%

In 2017 the gold industry contributed

A$13.4B to the Australian economy and is

Australia’s third largest export behind Iron

ore and Coal

Australia hosts 18% of the global unmined

gold inventory enabling a platform to remain

significant to the nations future wealth3

Minex Consulting study estimates to maintain

production levels of 9.7Mozpa we need to double

exploration expenditures or double discovery

performance

The study highlighted that each dollar spent on

exploration generates A$11.40 in revenue

In 2016 Gold exploration annual spend was

A$617M equating to 50% of total mineral

exploration spend highlighting investment intensity

Of concern is the finding that the average delay

between discovery and development is 13 years

Average Australian gold mine reserve life is 5 yrs;

33% have a reserve life less than 2.5 yrs

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Source: Minex Consulting

The importance of exploration to sustaining the Gold industry

Global trends in discovery and production

In the last 10 years, global gold exploration spend was US$54B, three times the previous decade spend of

$US18B however discovery success was less than a third (27%)

According to a recent BAML Global Gold Majors research, the production profile of the four majors has

declined, with reserves also down 43% from 2008

5 Source: Standard & PoorsSource: BAML

The Options : Head to riskier jurisdictions or head underground

Globally there are only 17 mines (down from 23 in 2017) producing over 300kozpa in Tier 1 mining jurisdictions;

production is declining in these regions due to a lack of discoveries and significant Reserve depletion

Australian producers face the choice of heading overseas or underground; 27% of Australia’s gold production is

from open pit only, with 45% solely underground, with the remaining combined UG/OP

NST acquired world class assets in Tier 1 jurisdiction following the 5G’s; Geology, Grade, Geometry, Geography

and Government

Tier 1 mining jurisdictions

Source: Investec6

Australian gold sector is in comparably good shape

In recent years the Australian gold companies

have substantially outperformed (190%) their

international peers (15%)

This outperformance has been driven largely by

investment in exploration, productivity

improvements, business growth, homegrown

ownership and free cashflow generation

One key statistic that is worth highlighting is

exploration per ounce of production; NST has

moved early and led the pack

Over the last 4 years NST has drilled over

2,000,000 metres of drilling, investing over

A$210M into exploration 7

Source: UBS

Exploration Spend Per Production Ounce A$/oz

NST

Organic growth: NST bucking the global trend

NST has been able to consistently grow production, resource and reserve life on a per share basis for its

Shareholders since 2010

In FY2017 Reserves were added at a cost of just A$24/oz and delivered a 10 year mine life visibility

NST has demonstrated an ability to acquire, discover, develop and optimise underground operations

effectively

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0.94Moz 1.4Moz

2.2Moz

6.2Moz

8.9Moz 9.2Moz

10.2Mozs

1.2Moz

1.5Moz

2.0Moz

3.5Mozs

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2

4

6

8

10

12

FY 10 FY11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

Mo

z

Mo

z

NST Resource and Reserve Growth

Measured Indicated Inferred Reserves

This information is extracted from ASX release entitled “Resource and Reserve Update” released on 03/08/2017 and is available on www.nsrltd.com

$10M $269M

$3,848M

($235M)

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Starting Market Cap(30/6/10)

Equity Issued Dividend Paid/Declared Current Market Cap 31/03/18

This strategy of organic growth has generated over A$3.8B of value for Shareholders since NST’s first gold

acquisition in 2010 and achieved with only A$269M in equity raised

NST has achieved this through operational excellence, investing heavily into exploration, growing production,

cutting costs, technically/financially disciplined M+A and returning substantial dividends to Shareholders

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A$3.8B of value add

through organic

production and

mine life growth

Organic growth delivers strong returns to Shareholders

A$

M

Understanding and preserving NST

culture has been key to delivering

sustained results

Since integration of the asset base,

implementation of the NST operating

model has been a priority

Our innovative culture is a point of

difference for NST to continue to

generate industry-leading performance

NST works closely with industry partners

to align objectives and understand our

culture

We always have a plan that clearly

maps out the business strategy with

deliverables

The importance of the Northern Star Culture

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Jundee case study: the challenge

Historical mining and drilling activity focused above 700m below surface and defined ~10Moz

Platform now developed to drill the next 700m

39DD South

29L- GTW DECCardassian

Invicta

Barton

Westside

Wilson

Gateway

39DD North

Invicta portal PTD =548kOz Barton portal PTD =4,250kOz Gateway portal PTD =316kOz

Zodiac

~10M OUNCE ENDOWMENT

OUNCES TO DISCOVEROpen Open

~10Moz endowment is defined by 7Moz historical production and 3Moz from existing resources. This information is extracted from ASX release entitled “Resource and Reserve Update and Corporate Outlook ” released on 03/08/2017 and is available on www.nsrl td.com11

†

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NST Exploration: Leveraging technology as part of the solution

NST has been leveraging the latest geophysical exploration techniques with great success at Kundana and

now at Jundee deposit with 2D and 3D seismic surveys

Seismic has successfully identified extensions and parallel targets for future exploration; Pode and Zodiac

NST recently conducted over 80,000 line km of airborne geophysics in the Northern Territory

Limit of Drilling

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FY2018 Guidance 245,000-265,000oz

at an AISC of A$950-A$1,000/oz

Growing production to 300,000ozpa

within the next financial year

The Zodiac high-grade discovery at

Jundee was recently announced and

is not included in the current resource

statement

Results include: 0.4m at 765gpt,4.8m

at 21.2gpt and 2.9m at 10.4gpt (all true

width)

Recently drilled Australian record

mineral diamond hole to depth of

3,217m down hole

Mineralisation intersected 1,000m

vertically below current workings13

Jundee case study: the result - returned to world class status

This information is extracted from ASX release entitled “Exploration Update” released on 20/02/2018 and is available on www.nsrltd.com

†

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NST’s Economic Value Add and WA Community Investment

CORPORATE COMMUNITY INVESTMENT FRAMEWORK

COMMUNITYHEALTH &

WELLNESSENVIRONMENT

INDIGENOUS

ADVANCEMENT

EDUCATION &

DEVELOPMENT

EMPLOYEE

INITIATIVES

Local initiatives (including community

functions, sports,

recreation, arts, etc)

Community health and wellness initiatives

Strategic Corporate or Site initiatives (federal or local)

Development of Indigenous businessand cultural initiatives

Education and diversity related initiatives

Employee nominated causes or fundraising activities

NST delivered over A$718M of economic value add directly into the Australian economy in FY2016

NST has a raft of community investments underway as the business aims to continue its commitment to

the communities in which the business operates

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Northern Star ResourcesAn Australian gold miner – for global investors

Contact Details:Luke Gleeson – Investor Relations +61 8 6188 2100Email – info@nsrltd.comWebsite – www.nsrltd.com

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